IMGC Intermagnetics General

LATHAM, N.Y., Feb. 28 /PRNewswire-FirstCall/ -- Intermagnetics General Corporation (NASDAQ:IMGC) today announced it has engaged Stephens Inc. as financial advisor to assist it in exploring strategic options to maximize value in its SuperPower, Inc. subsidiary. SuperPower is an industry leader in efforts to commercialize second-generation high-temperature superconductors and related devices to improve electric power transmission and distribution. "This is the next step in progressing toward our previously announced plans to pursue various liquidity alternatives designed to realize maximum near-term value of SuperPower for Intermagnetics' stockholders," said Glenn H. Epstein, Intermagnetics' chairman and chief executive officer. "Key demonstrations of SuperPower's technological achievements are rapidly approaching, particularly their high-temperature superconducting (HTS) transmission cable project as well as volume production of second-generation HTS wire. As we have mentioned many times in the past, the ultimate separation of SuperPower from Intermagnetics is entirely consistent with our overall goal to focus our resources on expanding our longer-term growth opportunities in the medical devices marketplace." Stephens Inc. was founded in 1933 and is a privately held, full-service investment banking firm that offers a full range of financial advisory services to corporate finance, public finance, institutional and individual clients. Stephens has substantial experience in investments and transactions involving power, energy and alternative energy businesses. Intermagnetics (http://www.intermagnetics.com/) draws on the financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices that encompass Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a 35-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices. Safe Harbor Statement: The statements contained in this press release that are not historical fact are "forward-looking statements" which involve various important assumptions, risks, uncertainties and other factors. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain and are subject to risks, including but not limited to: possible future legal proceedings; the company's ability to meet the performance, quality and price requirements of its customers and maintain gross margin levels through continued production cost reductions and manufacturing efficiencies; the ability of the company's largest customer to maintain and grow its share of the market for MRI systems; and the company's ability to invest sufficient resources in and obtain third-party funding for its HTS development efforts and avoid the potential adverse impact of competitive emerging patents; as well as other risks and uncertainties set forth herein and in the company's Annual Report on Forms 10-K and 10-Q. Except for the company's continuing obligation to disclose material information under federal securities law, the company is not obligated to update its forward-looking statements even though situations may change in the future. The company qualifies all of its forward-looking statements by these cautionary statements. FCMN Contact: dleupold@igc.com DATASOURCE: Intermagnetics General Corporation CONTACT: Michael Burke, Exec. VP & CFO, or Cathy Yudzevich, IR Manager, +1-518-782-1122, both of Intermagnetics General Corporation Web site: http://www.intermagnetics.com/

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